Lords Group Trading Plc · LSE:LORD
Lords Group Trading — H1 2026 Earnings Presentation
22 slides from Lords Group Trading's earnings presentation, Sep 30, 2026
Slide 1: H1 2026 Update
H1 2026 Update Resilient first-half revenue, with operational actions underway to improve performance and reduce leverage 30 September 2026 1
Slide 2: Agenda
Agenda Highlights Shanker Patel, CEO Financial review Stuart Kilpatrick, CFO Business review Shanker Patel, CEO Outlook Shanker Patel, CEO Q&A Shanker Patel, CEO Stuart Kilpatrick, CFO 2
Slide 3: Resilient revenue, decisive operational response
Resilient revenue, decisive operational response H1 2026 was operationally challenging, but management has identified the issues and increased the pace of action £232.1m (6.8)% £8.4m nil £26.5m Group revenue Group LFL revenue Adjusted EBITDA1 Interim dividend Net debt Broadly in line with Underlying
Slide 4: Financial review
Financial review 30 September 2026 4
Slide 5: H1 2026 financial snapshot
H1 2026 financial snapshot Change H1 2026 H1 2025 Change Revenue £232.1m £232.1m - ˃ Reported revenue resilience masked weaker underlying demand Gross profit £46.9m £44.8m 4.7% ˃ Gross margin increased to 20.2% (H1 2025: Adjusted EBITDA1 £8.4m £10.4m (19.2%) 19.3%) reflecting pricing discipline and
Slide 6: Revenue and Operating expense bridges H1 2025 – H1 2026
Revenue and Operating expense bridges H1 2025 – H1 2026 Revenue Bridge H1 2025 - H1 2026 Operating expenses H1 2025 - H1 2026 235.0 41.0 232.1 22.0 232.1 230.0 40.0 5.2 39.0 38.6 225.0 (1.0) 38.0 220.0 £m £m 37.0 215.0 (16.6) 36.0 210.0 (5.4) 35.0 34.4 205.0 34.0 200.0 33.0 P&H LFL CMO and new branc
Slide 7: Merchanting: Volume challenged; gross margin stable
Merchanting: Volume challenged; gross margin stable £m H1 2026 H1 2025 Change Revenue down 4.6%; LFL down 4.9% ˃ Lords Builders Merchants and George Lines Revenue 112.3 117.7 (4.6%) both delivered positive like-for-like growth during the period Gross profit 29.0 30.4 (4.6%) Operating expenses (24.4)
Slide 8: P&H: Re-sized infrastructure; market share drive
P&H: Re-sized infrastructure; market share drive £m H1 2026 H1 2025 Change ˃ Revenue decline of 14.1% reflected no repeat of exceptional boiler volumes in March 2025 Revenue 96.4 112.2 (14.1%) ▪ UK boiler market estimated decline of 3 – 4% offset Gross profit 13.2 13.9 (5.0%) ▪ Deferral of replaceme
Slide 9: Digital: building a scalable Group platform
Digital: building a scalable Group platform £m H1 2026 H1 2025 ˃ CMO was acquired in June 2025 ˃ Revenue increased 17.5% year-on-year Revenue 23.4 2.2 ˃ Positive Adjusted EBITDA1 following Gross profit 4.7 0.5 completion of initial integration programme reducing cost base and restoring volumes Opera
Slide 10: Cash Flow
Cash Flow Net debt1 at £26.5m at 30 June 2026 (5.0) 8.4 ˃ Seasonal working capital outflow of £6.7m (10.0) ˃ £5.6m higher than June 2025 and leverage above Board’s medium-term target (6.7) (13.4) Refinancing completed on 2 April 2026 (15.0) ˃ £65.0m total facilities ˃ 3-year term + 2 one-year extens
Slide 11: Business review
Business review 30 September 2026 11
Slide 12: Merchanting: momentum improving, with margin and cost actions
Merchanting: momentum improving, with margin and cost actions We combine localism with specialism, offering our customers exceptional customer service, superior product knowledge and highly engaged teams, which together make us local leaders across our branches (4.9)% 4 £15.0m H1 LFL revenue New bra
Slide 13: Plumbing & Heating: recovery plan centered on market share, efficiency and mix
Plumbing & Heating: recovery plan centered on market share, efficiency and mix P&H offers its customers specialist product knowledge, outstanding service and an attractive in-store and online proposition (13.3)% 7→4 £1.5m H1 LFL revenue Distribution centres FY27 cost saving Weaker market Rationalisa
Slide 14: Digital: Turnaround milestone reached, now focused on scalable growth
Digital: Turnaround milestone reached, now focused on scalable growth CMO is the UK’s largest online-only retailer of construction products, operating through nine specialist websites +17.5% Positive £2m CMO Revenue EBITDA Initiatives H1 year-on-year growth Turnaround milestone Next phase priorities
Slide 15: Group operational improvement programme
Group operational improvement programme Every operating business has a focused improvement plan with clearer ownership and regular Executive review Sales Execution Grow APP share; revitalise inactive CMO accounts; drive AW Lumb direct sales Gross margin Merchanting gross margin challenge; supplier s
Slide 16: Outlook
Outlook 30 September 2026 16
Slide 17: Outlook: not expecting improvement in market conditions; control the controllables
Outlook: not expecting improvement in market conditions; control the controllables Assumption that second-half market conditions are similar to H1 Market conditions Priorities to year end ˃ S&P Construction PMI was 44.3 in ˃ Convert profit into cash and reduce August; 20 months below 50 leverage ˃ B
Slide 18: Q&A
Q&A 30 September 2026 18
Slide 19: Disclaimer
Disclaimer This presentation has been prepared by Lords Group Trading plc (the "Company") solely for information and does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate the Company or its business prospects. For the purposes of this not
Slide 20: Appendices
Appendices 30 September 2026 20
Slide 21: Appendix 1 – Alternative Performance Measures
Appendix 1 – Alternative Performance Measures £m H1 2026 H1 2025 £m H1 2026 H1 2025 Operating profit (3.1) 3.7 Loss before taxation (6.9) 0.6 Amortisation of acquired intangibles 1.7 1.7 Amortisation of acquired intangibles 1.7 1.7 Exceptional items 3.7 0.4 Unamortised loan arrangement fees on 0.3 -
Slide 22: Appendix 2 – Adjusting Items
Appendix 2 – Adjusting Items £m H1 2026 H1 2025 Business combination charges and amortisation of acquired intangibles 2.0 2.1 Depot rationalisation in P&H 2.1 - Restructuring and redundancy 1.3 - Share-based payments - 0.4 Arrangement fees following refinancing 0.3 - Total 5.7 2.5 22